Microsoft stock gains toward a record after Wedbush raised price target to $300

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Shares of Microsoft Corp. edged up 0.3% toward another record in premarket trading Tuesday, after Wedbush analyst Dan Ives raised his price target, saying cloud deal activity is hitting its next gear of growth. Ives reiterated the outperform rating he’s had on the software giant’s stock for at least 2 1/2 years, and lifted his base-case price target to $300 from $285, and his “bull case” target to $350 from $325. “Based on our recent field checks, we strongly believe the tide is shifting in the cloud arms race as Microsoft coming off its recent 50% Azure growth number is taking market share vs. AWS (28% YoY growth this quarter) based on our analysis,” Ives wrote in a note to clients. AWS is Inc.’s cloud offering, which is currently the market leader. Ives is now tied with six other analysts, of the 34 surveyed by FactSet, for the highest Microsoft price target on the Street. The stock, which closed Friday at a record $244.99, has rallied 12.8% over the past three months through Friday, while the Dow Jones Industrial Average has gained 5.0%.

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